Obama calls for end to big oil entitlements during record profits

[a777pilot]

Good. I am for the suspension of all government subsidies to any company that make a profit. That would include and especially General....strike that....Government Motors.

 

[a777pilot]

Gas/Oil is a necessity in todays society. It is not something that should be in the hands of private industry. The government should be the one who produces it and sells it to the people at a reasonable price. Necessities should never be in the hand of private companies.

That is one of the stupidest things I have ever heard on any site on the entire internet.

 

[charrison]

Gas/Oil is a necessity in todays society. It is not something that should be in the hands of private industry. The government should be the one who produces it and sells it to the people at a reasonable price. Necessities should never be in the hand of private companies.

So food and housing should be run by the govt as well?

You do realize most of the large oil companies around the world are govt owned. You should also realize that the private companies do a better of extraction than the govt owned companies. Look at Pemex, its oil fields are suffering significant decline because of lack of investment.

 

[umbrella39]

That is one of the stupidest things I have ever heard on any site on the entire internet.

Keep reading here. You will find a new challenger for the throne daily.

 

[xj0hnx]

Ha! IIRC Exxon mobile makes .07 cents a gallon profit. However the government itself makes anywhere from .40-80 cents a gallon in TAXES depending on which state. But go ahead and pump up gas prices because they "made too much money". 🙄

It's a two fer for the administration, they get to "stick it" to big oil, and make more money from us via higher cost at the pump, it's a win/win for them, just a lose/lose for us.

 

[DCal430]

So food and housing should be run by the govt as well?

You do realize most of the large oil companies around the world are govt owned. You should also realize that the private companies do a better of extraction than the govt owned companies. Look at Pemex, its oil fields are suffering significant decline because of lack of investment.

Yes food and housing should be controlled and provided by the government. Housing a natural right, and as such should not be in the hand of private companies. Private companies do little good for society, they have one care and that is profit. They put profits over people. A government of the people would put the people over money.

 

[charrison]

Yes food and housing should be controlled and provided by the government. Housing a natural home right, and as such should not be in the hand of private companies. Private companies do little good for society, they have one care and that is profit. They put profits over people. A government of the people would put the people over money.

The only problem is that companies care more about their consumers do than govt often does. I mean just take a look at govt housing projects(pick your country).

 

[xj0hnx]

Yes food and housing should be controlled and provided by the government. Housing a natural right, and as such should not be in the hand of private companies. Private companies do little good for society, they have one care and that is profit. They put profits over people. A government of the people would put the people over money.

LOL, you are a funny one. Housing isn't a "right". You have the right to seek housing, but you do not have the right to force someone else to provide it for you.

 

[desy]

Good oil and gas is unecessarily given breaks and its more than industry average
http://www.nytimes.com/2010/07/04/business/04bptax.html

"But an examination of the American tax code indicates that oil production is among the most heavily subsidized businesses, with tax breaks available at virtually every stage of the exploration and extraction process.

According to the most recent study by the Congressional Budget Office, released in 2005, capital investments like oil field leases and drilling equipment are taxed at an effective rate of 9 percent, significantly lower than the overall rate of 25 percent for businesses in general and lower than virtually any other industry.

And for many small and midsize oil companies, the tax on capital investments is so low that it is more than eliminated by var-ious credits. These companies’ returns on those investments are often higher after taxes than before."

 

[wuliheron]

All of these problems stem from the government not doing its job to protect our basic most rights which are layer out in the bill of rights. Never would have had the big union issues of the early 1900s if Tue feds just protected our 1st amendment rights. The key to winning isn't more rules it's making sure everyone plays inside the wrules we already have. Except by now we have stacked so much bullshit no one really kñows what the rules are.

All that Byzantine nonsense is for growing the economy as fast as possible and corruption is just assumed as the norm wherever you go. We've been the world's largest economy since 1870 and are still the world's largest manufacturer with one third of the world's millionaires and billionaires. Republicans and Libertarians can scream and yell for smaller government and fewer laws, but this ain't no economy car. Its a race car famous for turning on a dime and doing zero to sixty in nothing flat. Having more gizmos to tweak helps make that possible.

You can scream and yell about rights, morality, or your theories and nobody gives a shit. This is what has worked for 150 years and you can try selling all that simple life crap to the Quakers and Amish.

 

[Craig234]

The only problem is that companies care more about their consumers do than govt often does. I mean just take a look at govt housing projects(pick your country).

There are ridiculous points being made on both sides here.

The government should have *policies that ensure* people's needs are met - it doesn't need to run things, and often is worse at it than a private system (not always).

Sometimes there are great efficiencies to a private system; others, there are great efficiencies, such as with medical insurance, to a public one.

Having hundreds of companies with their own forms all fighting claims because it's profitable, wasting something like 30% of healthcare money on it, is absurd.

But one of your basic errors is that the government housing projects are *explicitly run for the people who are at the bottom, on low budgets*.

So you can't begin to compare them to the housing market for people with more.

How well does the private sector do at providing housing for the indigent who can't afford anything? Oh, ya, it doesn't. It used to give the *working* poor shanties.

a777pilot is just clueless as usual, opposing an incredibly good, productive policy that got the US auto industry through the great recession as was great for the economy.

 

[Steeplerot]

That is one of the stupidest things I have ever heard on any site on the entire internet.

Then you must get out much a nationalized oil and gas industry are pretty much the default way of doing things around the world. Nationalized banks too. Notice we don't have these so the free market here goes through awful boom and bust cycle.dragging the economy down. If anything here is stupid its our idealogical fail of leaving these private.

Energy, medical insurance and public utilities serve people much better in the long run without the middle man of private industry fleecing people for the profit motive. Capitalism works great for candy bars which people like having lots of choice for. Industries that create natural monopolies are better served by people.

Capitalism needs choices to be healthy. Period. Utilities are a resource that should be pooled and fail with profit motive as stability is the key. Choices are not available or nessasary in these cases.

 

[a777pilot]

Name me one successful and free nation that has government ownership of production.

 

[DucatiMonster696]

Repeat after me, there are no tax loopholes that exist just for oil companies. You want to clean up the tax code, I am all for that. Not much a fan of this kind of rhetoric.


And tell me how increasing costs of oil production is going to make prices at the pump better.

+1 If this is done in the typical rhetorical manner of trying to appeal to populist views and selecting a scapegoat (oil companies) in order to garner votes rather then actually fixing the root issue at hand (tax code) then it will have a blow back effect of raising operating costs and thus RAISING gas pump prices. Sadly some folks and politicians are only interested in feel good short term styled and nearsighted legislation.

 

[Steeplerot]

Name me one successful and free nation that has government ownership of production.

Scandinavian mostly state oil companies that use the profts for the people is a good example of how beneficial it can be to have public utilities. Here in the US ideologies have missed a few power plants and they provide cheaper more reliable energy then private monopolies in the rest of the US.

The insane Privatize everything! Meme is a US thing mostly it has its good sides and baddepending on the industry. A fully privatized industries or fully public are fails in the real world.

The main problem with leaving private industry in charge of a critical need industry is free market ideology falls apart when accountability is needed for the public. Capitalism must have dynamic feedback from customers. A private utility has no need to be accountable to anything but the profit motive. Thus the free market fails in policing itself in these cases and thus is at odds with the publics best interest. Which in the end is the very reason they exist.

You cannot boycott an utility nor can you buy another brand. So good luck getting real concerns dressed to a CEO who only gives a shit about cost cutting and cutting corners for his own and boardroom profits.

You think they care hat the public has to say? Really? This is utterly naive. Take a look at TEPCO in japan and how they are bullshitting everyone. Even when there is a crisis that affects customers they only concern themselves with the public they serve at the minimum they can get away with.

 

[desy]

Holy crap anybody read what I posted
Oil and gas taxed at 9% everyone else 25%
These companies’ returns on those investments are often higher after taxes than before
How does that work?


Take the tax money and us it to fund alternatives which ultimately should be the goal of energy independance.
Then you won't be exporting over a Billion $ a day to other peoples economies.
FWIW I don't think oil and gas is 'essential' you have choices even if they aren't comfortable but nobody guarantees your comfort

 

[BladeVenom]

Did you see those tax stories about Google, by shifting money around through Ireland, Netherlands, and Bermuda they ended up only paying 2.4% in taxes.

 

[cubby1223]

Did you see those tax stories about Google, by shifting money around through Ireland, Netherlands, and Bermuda they ended up only paying 2.4% in taxes.

Which is in part why the evil conservative commentators say that corporations don't pay taxes, and that we should abolish corporate taxes. Large corporations always have the options to (1) legally obtain special breaks from the government, (2) legally move money around oversees, (3) legally pass the costs on to consumers. Or we can level the playing field for *all* businesses large and small by lowering all business taxes, shift the revenue onto other areas, sales tax, income tax.

 

[Schadenfroh]

Or influenced by by big govt either. Ethanol subsidies have not worked out that well either.

Screw corn subsidies as well, E85 is an even worse idea than regular gasoline and has a heap of its own problems.

A government of the people would put the people over money.

HAHAHAHAHAHA, how naive....

 

[Acanthus]

Good. I am for the suspension of all government subsidies to any company that make a profit. That would include and especially General....strike that....Government Motors.

Actually GE got substantially more and wasn't losing money.

They received $1B and paid out $0 last year.

 

[JS80]

Yes food and housing should be controlled and provided by the government. Housing a natural right, and as such should not be in the hand of private companies. Private companies do little good for society, they have one care and that is profit. They put profits over people. A government of the people would put the people over money.

That's working out so well for Hugo Chavez.

 

[Inspector Jihad]

governments do stupid stuff with your money. they're necessary in certain things where privatization wouldn't work but in general, they fuck things up. privatization with proper regulations is the way to go.

 

[the DRIZZLE]

There are ridiculous points being made on both sides here.

The government should have *policies that ensure* people's needs are met - it doesn't need to run things, and often is worse at it than a private system (not always).

Sometimes there are great efficiencies to a private system; others, there are great efficiencies, such as with medical insurance, to a public one.

Having hundreds of companies with their own forms all fighting claims because it's profitable, wasting something like 30% of healthcare money on it, is absurd.

But one of your basic errors is that the government housing projects are *explicitly run for the people who are at the bottom, on low budgets*.

So you can't begin to compare them to the housing market for people with more.

How well does the private sector do at providing housing for the indigent who can't afford anything? Oh, ya, it doesn't. It used to give the *working* poor shanties.

a777pilot is just clueless as usual, opposing an incredibly good, productive policy that got the US auto industry through the great recession as was great for the economy.

You keep posting this 30% nonsense number. Take 5 minutes and look up the 10-k report for a publicly traded insurance company. You will see that around 85%+ of revenues are paid out as reimbursements to doctors.

All the GM bailout proved is that Mr. Obama, the constitutional law professor, doesn't believe in contracts or the ability for creditors to seek redress in the courts. It was one of the most corrupt things I've seen in politics aside from being terrible policy on a number of levels.

 

[soccerballtux]

For one they pay almost nothing and two oil has a massive affect on the working person in countless ways who are providing them with bigger profits then ever.

If you are going to single any of them oil would be the one GW Bush was waaaay to cushy with them. Time for a bit of capitalism for them.

why not just let them drill? Can't have that now can we.

 

[Steeplerot]

why not just let them drill? Can't have that now can we.

My opinion is to put 99 weekers unemployed to work replacing the whole grid and decommission. All coal and nuke. Run off of gas and big projects like tidal and geothermal. Save the petrol products for plastics and other useful stuff now. Oil industry should he gone already in relevance in the 80s. Stupid Reagan. *shrug* it worked before to build most of the dying infrastructure we still use